Bitcoin (BTC) Price Analysis: Still Moving Within the Consolidation Zone (26-Sep)

7:29 am, Mon, 26 September 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $18,700 mark and is going sideways on the lower timeframes. The price has not made any significant moves in the past week and is consolidating within the same zone. The resistance level we are currently watching for Bitcoin is the $19,600 mark. It is an area that was previously acting as support, and BTC has also rejected it a couple of times as resistance in the last few days. On the other hand, the support we are eyeing for BTC is the crucial level at $18,600, which has also held the price in the past. Let’s take a look at the latest Bitcoin charts to see where the price could be headed next in the immediate short-term.

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Analyzing the Charts

If we take a look at the latest Bitcoin charts, we can see that the price is currently moving within a consolidation zone and is struggling to break out of it.

We can notice that the price is going back and forth between $19,600 and the support at $18,600.

If Bitcoin manages to get above the $19,600 in the coming hours, things will start getting bullish for Bitcoin. The next target we will be eyeing in that scenario is the $20,500 mark.

On the other hand, if the price continues to struggle and breaks below $18,600, we could see another sudden drop in price.

The next zone to watch after this level is the $17,600 mark. It is the lowest zone BTC has touched in the past couple of years. BTC will likely find some support here.

Conclusion: Final Verdict on Bitcoin (BTC)

 Bitcoin has been trading within the same price zone for days and could move either way in the short term. The support at $18,600 is being held nicely by the bulls so far, and it will be interesting to see whether they can get above the $19,600 mark in the coming hours or not. Right now, we will be observing the lower levels closely and will be interested in accumulating more Bitcoin as it retests the bottom below $17,600.

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